CANBERRA, AAP – The “Your Super, Your Future” laws are set to pass after the minister responsible stitched up a deal with One Nation.
Crossbench senator Jacqui Lambie is still holding out as she hasn’t seen the fine print of the changes that would allow more tax-free contributions for those aged 67 and above.
But that’s no obstacle to the overhaul of the $3.2 trillion superannuation pool from July 1, which Labor firmly opposes.
“I think you’ll see the super reforms, they’re pretty much done and dusted, they’re going through,” Senator Lambie told Sky News on Thursday.
People would also be able to make their COVID-19 early access withdrawals without penalties, under Pauline Hanson’s proposed amendments.
The government has already removed the contentious treasurer’s veto power over investment decisions.
To avoid the fee drain that occurs when workers, often unknowingly, open many small accounts with each new employer, the bill staples a superannuation product to millions of members.
Superannuation Minister Jane Hume says the reforms will save consumers $17.2 billion over 10 years.
Critics want members’ financial interests protected by mandating that workers can only be stapled to a fund that has passed a performance test.
Without this change the bill could cost Australian workers $230,000 from their retirement savings, according to Industry Super Australia chief executive Bernie Dean.